HSBC Everyday Savings

Earn a competitive 0.3% p.a. for the first 3 months after opening this savings account.

The HSBC Everyday Savings offers a competitive bonus interest rate of 0.3% p.a. on your savings for the first 3 months after opening the account when you make no withdrawals. After this, you'll continue to be rewarded with interest on your balance each month you make no withdrawals.

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Alison Banney

Last Updated Jan 5, 2021

0.30% p.a.

Maximum variable rate

0.15%p.a.

Base interest rate

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Product Name	HSBC Everyday Savings
Maximum Variable Rate	0.30% p.a.
Standard Variable Rate	0.15% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

$0 account keeping fee
Introductory rate of 0.3% p.a. for 3 months
Available on balances up to $1,000,000

Cons

Interest rate reverts to 0% when you make a withdrawal in the month

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

The bonus rate of 0.3% is offered for the first 3 months when you make no withdrawals. There are no deposit conditions to meet to get this high rate. However, once the intro period is up your money will earn the low standard variable rate of 0.15%. However, if you link this account to a HSBC Everyday Global account and deposit $2,000 a month you'll earn 0.4% bonus interest on top of this standard rate.

This account could be ideal if you’re looking for a place to park your savings for a few months while earning a high interest rate, particularly if you've got a large balance. You’ll get the bonus rate on balances up to $1,000,000 which is very rare for such a competitive rate.

Once the introductory period is over, you could consider switching your balance to the HSBC Bonus Savings . This account pays a lower (but still decent) bonus rate of 0.25% every month that you grow your balance by $300, and you’re able to make withdrawals whenever you need to so it’s a bit more flexible.

Key features

$0 Monthly account fees

You are charged $0 monthly maintenance fees for using your Everyday Savings savings account.

Introductory bonus interest rate of up to 0.3% p.a. on the first 3 months on your first HSBC Everyday Savings

For the first 3 months after you open your savings account, you'll receive the maximum variable rate of 0.3% p.a. To be eligible for this special rate, you can't make any withdrawals from the account (this includes transferring money to another HSBC account in your name). Once the introductory period ends, the interest rate goes back to the standard 0.15% p.a.

Earn 0.4% bonus interest on top of the standard interest rate of 0.15% p.a. when you meet the account conditions

After the four month introductory period, the base interest rate of 0.15% p.a. will be applied to your account monthly so long as you make no withdrawals from your account between 28th of the month to the 27th of the next month. If you make any money transfers out of your account, there will be no interest applied for that month. Interest is available on balances up to $1 million.

However, if you link this account to a HSBC Everyday Global account and deposit $2,000 a month you'll earn 0.4% bonus interest on top of this standard rate.

Access your account online

The HSBC Everyday Savings is an online account that can be accessed from anywhere at any time by using Internet banking, phone banking or the mobile app. If you link the HSBC Everyday Savings to a HSBC Day to Day Account, the transfers are instant. But remember, if you transfer money from the Everyday Savings to the Day to Day account you won't earn any interest that month.

$0 transaction fees

You are not charged by HSBC for transferring money in or out of your savings account.

No deposit requirement

There is no minimum monthly deposit required in order to receive interest on your balance.

Calculating interest

Interest is calculated daily and paid monthly only on balances of up to $1,000,000 It is a variable interest rate, so will most likely move alongside the RBA cash rate.

Initial deposit

There is no minimum requirement for your opening deposit.

No minimum balance

You are not required to maintain a minimum balance on this account.

Statements

You'll automatically receive a statement every 6 months – you can request to change to monthly or quarterly, or even switch to online statements.

Launch savings calculator

How to apply

If you have decided that this is the ideal way for you to reach your savings goal, click 'go to site' to be taken to a secure application page.

Eligibility

Before doing so, check that you are able to meet the following eligibility requirements:

Age requirement. You must be at least 18 years of age in order to be considered for this account.
Residency requirement. Only Australian residents or citizens with a valid Australian residential address may open an Everyday Savings account from HSBC.

Account purpose. This account is meant for personal use only. If you are representing a trust, company or business you can contact HSBC for information regarding accounts intended for business purposes.

Documentation needed

If you determine that you can meet these conditions you can gather the following documentation that will be needed to help complete the form and continue to the application:

Identification documentation. A valid driver's licence, passport, birth certificate or Medicare card is needed in order for HSBC to verify your identity. If HSBC is unable to verify your identity electronically you will be asked to do so in person.
Account details. You will need to provide information about your transaction account, including its number, so that you can be prepared for transferring funds between accounts.
Personal information. Your full name, date of birth and physical address will all be required while filling out the application.

What happens after I submit my application?

Filling out the online application should take approximately five minutes. Once complete it will be submitted to HSBC who will contact you within two business days. At that time they will provide you with the details of your account so that you may begin making your savings deposits.

What if I'm not eligible to apply online?

If you're moving to Australia or currently a non-resident, you can apply for this account through HSBC migrant services. If none of the above situations apply to you, it's best to visit a local HSBC branch.

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52 Comments

Marius
February 11, 2020

I would like to open an HSBC Serious Saver Account. Can I withdraw the money after 4 months when the bonus interest finishes?

Thank you.

Reply
- Ash
  February 12, 2020
  
  Hi Marius,
  
  Thanks for contacting Finder.
  
  Yes, you may withdraw your funds from the HSBC Serious Saver Account after you have received the 4 months introductory maximum interest rate of 2.35% p.a.
  
  Kindly take note that within the first 4 months, you must not make any withdrawals to receive the maximum interest rate.
  
  I hope this helps.
  
  Cheers,
  Ash
  
  Reply
Rose
October 31, 2019

If I want to open a Serious Saver Account will I be considered a new customer if I have previously held an HSBC account in UK but not in Australia?

Reply
- Nikki
  October 31, 2019
  
  Hi Rose,
  
  Thanks for getting in touch!
  
  As HSBC UK and AU are separate entities, you are considered a new customer. As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of the HSBC Serious Saver Account before applying. You may also contact HSBC should you have any questions about their product.
  
  Hope this helps!
  
  Best,
  Nikki
  
  Reply
Priit
July 24, 2019

Hi,
Is Serious saver account can be opened as a joint account? What documents we could provide to prove our identity , if we are not citizens? Can we come in different times to prove our identity while open the account?

Reply
- Nikki
  July 24, 2019
  
  Hi Pritt,
  
  Thanks for getting in touch! Yes, the HSBC serious Saver can be opened as a joint account. You can find the eligibility requirements of opening an account when you go to our page and clicking the “how to apply” tab. Also, only Australian residents or citizens with a valid Australian residential address may open a Serious Saver account from HSBC and you would have to apply together to open the account.
  
  Hope this helps!
  
  Best,
  Nikki
  
  Reply
ET
July 11, 2019

Hi,

I had a HSBC Serious Saver account few years ago. Will I be eligible for this 2.85% introductory rate? At the end of the 4 months introductory period, when shall I transfer the money from Serious Saver to another account without loosing the interest for the month?

Thanks

Reply
- finder Customer Care
  
  Jeni
  July 13, 2019
  
  Hi ET,
  
  Thank you for getting in touch with Finder.
  
  The introductory rate is for new customers only. If in the event that you become eligible for the introductory rate, you may transfer your earned interest to your other account after the first 4 months after opening the account.
  
  I hope this helps.
  
  Thank you and have a wonderful day!
  
  Cheers,
  Jeni
  
  Reply
Broden
February 27, 2019

If I close the account after 4 months will I be eligible for any future HSBC introductory rate should I later choose to open another new account with HSBC for instance after 12 months?

Reply
- finder Customer Care
  
  Jeni
  March 1, 2019
  
  Hi Broden,
  
  Thank you for getting in touch with Finder.
  
  Please note that the introductory offer is for new customers only. If you consider reopening this account, you will not be able to enjoy the rate again.
  
  I hope this helps.
  
  Thank you and have a wonderful day!
  
  Cheers,
  Jeni
  
  Reply

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